#1
June 15th, 2016, 03:22 PM
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Avoid Foreclosure Bank Of America
Hello sir is there any one can tell me for to avoid Foreclosure of Bank Of America? Why we need to avoid Foreclosure for loan in Bank Of America?
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#2
June 15th, 2016, 03:22 PM
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Re: Avoid Foreclosure Bank Of America
As per my knowledge there is no need to avoid any Foreclosure of bank of America for home loan. Foreclosure is a legal process in which a lender sells your property to recover its losses, including the balance of the loan and costs of collecting the debt and foreclosing on the property. Foreclosure can occur for any of the following reasons: Failing to make loan payments In some cases, transferring ownership of your property without your mortgage lender's consent and paying off the debt Otherwise violating the terms of your loan documents The amount of first mortgage is equal to or less than: $729,750 for a singlefamily home $934,200 for a 2unit property $1,129,250 for a 3unit property $1,403,400 for a 4unit property Process of Foreclosure for loan in Bank Of America: The borrower is notified that the foreclosure process has begun Foreclosure papers are filed with the court and served on the borrower and all other parties with an interest in the property Hearings are held with the court regarding the foreclosure The court issues a judgment and a foreclosure sale date is scheduled Legal notices may be published in local papers The house is sold at public auction |
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